YouTube has been the hot place to listen for music for almost as long as any millennial can remember. It’s free and it has virtually every music video you could ask for – of course people love it! But now listeners are shifting towards plain old audio, as the music streaming industry is attracting more and more Americans. Nothing like this has happened since the birth of MTV.
Analytics provider BuzzAngle Music told TechCrunch that since the beginning of 2016, Americans have streamed 114 billion songs on apps like Spotify, Apple Music, and many others. In comparison, 95 billion music videos have been played on YouTube.
Since this time last year, audio streaming has increased by 107.8 percent in the United States alone. Video streaming only grew 23 percent. This is interesting, because services like Spotify and Apple Music charge a monthly subscription fee, and for the most part, YouTube is free.
Although YouTube, owned and funded by Google, is by no means in trouble, this still poses and interesting question for the future of this industry. On the positive side, since Spotify and Apple Music have to pay artists royalties, musicians are benefitting from the rise of audio streaming.
*Source: Tech Crunch